The residents of some states spend a lot more on life insurance than in others.

People can use life insurance to protect families against the premature death of a parent; shield assets against creditors; protect a large estate from federal estate taxes; and fund a wide variety of long-term plans, such as homegrown college savings plans, long-term care plans and even retirement plans.

The portfolios that take in the premium payments invest in everything from corporations' bonds to auto loans.

Life insurance helps individuals and users of life insurer-provided financing protect assets and build long-term wealth.

States with higher life premium revenue per adult may have a more stable economic environment for families, and they are providing more revenue that life insurers can use support big infrastructure projects in the United States or elsewhere that will take many years to bear fruit.

The American Council of Life Insurers has shown how much life insurance premium totals vary at the state level in the 2024 Life Insurers Fact Book, which serves as a kind of encyclopedia for the life, annuity and health insurance sectors.

The ACLI gets the state data in the book from the National Association of Insurance Commissioners. The NAIC, in turn, gets its data from insurers' financial reports.

The ACLI notes that the NAIC does not endorse any analysis or conclusions based on use of NAIC data.

We came up with age-adjusted per-person averages by dividing the ACLI's state premium figures for 2023 by the number of residents in each state who are ages 18 and older. (For this purpose, we treated the District of Columbia as if it were a state.)

The per-adult averages ranged from $459, in Oregon, up to more than $2,000, with a median of $734.

For a look at the 12 states with the highest per-adult life insurance premium spending, see the gallery.

NOT FOR REPRINT

© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.